Despite making more than $40 million, Clinton Portis is broke

AP

Clinton Portis made enough money during his NFL career in Denver and Washington that he should be set for life: In nine NFL seasons, Portis made more than $40 million.

But Portis isn’t just not set for life, he’s broke. Portis filed for bankruptcy this week, saying he has debts of more than $5 million that he can’t afford to pay.

We noted in June that Portis had a debt to the MGM Grand Hotel in Las Vegas of $287,178.56, and that the IRS accused him of failing to pay $401,432.18 in federal income taxes in 2006, and $57,187.61 in federal income taxes in 2010. Portis also lists debts of $500,000 to his mother, $500,000 to Entertainment Tonight correspondent and former sideline reporter Nischelle Turner, $412,000 in “domestic support obligations” to four different women and $175,000 in car loans.

Portis’s failed business ventures have included sinking $8 million into a casino that went belly-up, and putting $2 million into a “wealth management” firm that was later described as a Ponzi scheme.

The 34-year-old Portis rushed for more than 1,200 yards in five of his nine NFL seasons.

186 responses to “Despite making more than $40 million, Clinton Portis is broke

  1. It always makes me happy to read stories about athletes that made 10’s of millions go belly up (does that make me an a-hole?) it also frustrates me at the same time. I understand that a lot of these superstar athletes never really had an education and they don’t really have anyone to trust, but if you have $175,000 in car loans then you are just dumb…and how the h do you owe a half million to a sideline reporter that works for entertainment tonight?

  2. When sports are your “way out” from a rough upbringing the hardest thing to do is remember your roots. Stories like this happen far too often for this not to be the case. Hire a financial manager. Put yourself on a daily allowance. Something that will truly allow you to be “set for life”.

  3. Most of these guys are so young when they make all their money that they don’t have an appreciation of what it takes to make it last. The nflpa would never agree to this but players should each be provided with a trustworthy financial advisor and make them visit this person x amount of times per year until retirement.

  4. with that kind of cash, the easiest play is to put half into rolling treasury bills and live off the interest. say $2 per thousand invested every thirty days, and $10 million invested. that’s $10k a month just in divedends. as someone near that annual income, i can assure everyone that it will do the job, provided one uses protection and prefers audi’s to bentley’s. too bad for him. a friend of mine played 8 years in the NFL, got a second contract, and now 5 years after leaving the game is broke, and looking for a construction job. save your money, and don’t mix friends with business.

  5. That’s because he’s stupid. Now watch all these clowns will post comments about how it’s not his fault. If you ever heard this man speak when he played, the stupid things he’s said and done-a fool and his money.

  6. Guess he should have spent less money on those stupid little outfits he used to wear.
    I know I should be more sympathetic but man you’ve gotta be dumber than a box of rocks to burn through that kind of money.
    In a few more years we will see a similar headline only it will say Dez Bryant instead.

  7. Nice to have a mother that can afford to loan her son a half million dollars.wonder if she asked her worthless son what the money was for and where in the hell did all those millions he had disappear to.sounds like the Vegas casinos had a giant hand in separating the money from this sucker.maybe he should have allowed his mother to be his financial adviser and money manager,he would still have alot of it.

  8. Let stuff like this be a wake up call for other players that out of some misplaced loyalty probably have family & friends overseeing some of his investments.
    Get professional investment advice, talk to your owners, they know how to invest to make money. Stop feeling obligated to have knuckleheads around you that only care about how much of your money they can grab.

  9. Another fine product of the football “college” system, which a judge has correctly deemed is not about education. And such lack of academic entrance requirements and subsequent lack of education is as much to blame as the punks they ride to results. S.C. at least closed the door on him because of high school violence but Miami welcomed him with open arms. He has recently claimed 10 past concussions but I doubt he had much brains to lose.

  10. saintsfan1111 says:
    Dec 19, 2015 7:04 AM
    He could have placed that 10 million in sound investments that return 10% annually. That’s one million a year. These pro athletes are idiots with their money.

    —————————————-

    What legally produces 10% guaranteed annually? Alot of Ponzi schemes are based off of guaranteed 10% – 20% returns. Sounds like the wealth management program he was in.

  11. “This makes me sad”

    Stupidity on this level makes me mad that universities dont demand much more from their STUDENT athletes when they recieve a free ride while truly deserving students cant get a scholorship and pay for years for their education.

  12. To be fair, $40 million just doesn’t go as far as it did 20 or 30 years ago. He just needed a better financial adviser.

  13. “It’s just sad .
    Wish him all-the-best.”

    Why? do you think he cares even a little about you and your future. he had the best and abused it,dont feel sorry for him,nobody stole his fortune from him,he gave it away happily.

  14. Clearly he made some bad decisions on his own judging by some of his debts, but it is a tough nut to crack doe some of these guys.

    People say “hire a financial manager”, well those guys rip these players off too. They end up broke even when they are honestly trying to invest it and make it work for them.

  15. Upon arrival as an NFL player, it should be mandatory that the NFLPA sit each one of them down with a Financial Advisor.

  16. As the Rock said in “Ballers”: “”Trust me.. never buy a depreciating asset. If it drives, flies, floats or (guess this word) – lease it!”

  17. My question has always been. If you were not a businessman when making your money, what makes one think they are now simply because they have money? 8 million in casino? 2 million for a wealth management? Crooks these these players as easy pickings.

  18. Another pro athlete who lived the good life and is now broke.
    I don’t feel one bit sorry for him or any other athlete who made millions in their pro careers and blew it all. I feel sorry for the tax payers because we will no doubt be supporting his kids by 4 different women.
    The fact that he owes “domestic support obligations” to four different women says it all. And now, we — the tax payers — will no doubt pay for their children because he’s broke.
    The reality is this happens all the time with these guys. They waste their college “educations” and the colleges only care about the money they bring in because they are good at football.
    So, Mr Portis — thanks for adding more weight on the shoulders of the tax payers in this country.

  19. Geez I would love to have 5% of that in a lump sum. 2million,I could make that do me a lifetime. Never forget where and how you were raised. No respect for anything including money.

  20. saintsfan1111 says:
    Dec 19, 2015 7:04 AM
    He could have placed that 10 million in sound investments that return 10% annually. That’s one million a year. These pro athletes are idiots with their money.
    /-/-/-/-/-/-/-

    Yup!!! Buy a house, for my kids and mother and let the Interest roll in. I guess these guys think easy come,easy go.

  21. If he had just put 10 million in a decent private institution with a halfway decent advisor he could have lived off 500k a year for the rest of his life.

    Sad.

  22. Goes to show what a sham the college education many of these guys get is. Why someone can be admitted to an institution of higher learning because they can run fast and jump high is beyond me… They should have to earn it through their grades like everyone else. I’m tired of hearing about how sports are their “way out”–how about actually trying to educate yourself out? Just a thought…

  23. Never a fan of him and yea wasn’t a brilliant guy. However remember after taxes and agent fees they only take home about 50% of what they make. Also remember these guys have to pay for their own medical insurance and bills after retirement. Btw 120k a year is not a good return on a 10 mil investment

  24. How does he owe a sideline reporter and his mom 500k. Sounds like both should have been his financial advisor. These start up businesses kill pro players… just invest!

  25. Look at the bright side – if he has only 4 baby mommas, he’s showing more self-control than the average NBA player.

  26. Don’t even remotely feel bad for anyone in this situation. If you knock up 4 different women and have to pay child support, man up and stop spending money you don’t have on cars. Stop making excuses for him being young and having a difficult upbringing. It doesn’t take a lot of intelligence to be responsible with your money.

  27. 09domer says:
    Dec 19, 2015 6:57 AM
    Most of these guys are so young when they make all their money that they don’t have an appreciation of what it takes to make it last. The nflpa would never agree to this but players should each be provided with a trustworthy financial advisor and make them visit this person x amount of times per year until retirement.

    I like your idea and I’d go even further to suggest that the NFL & NFLPA agree to set aside 25% of their gross income into a vested account to make sure that would pay them out in annuity payments. Additionally, all the illegitimate babies they made wouldn’t have to suffer too.

  28. Maybe instead of billiards and telephone survey classes he should have taken a few math and economics classes at the U

  29. Lol clown. You don’t need an education to realize if you spend all the money you have on dumb things you’ll eventually run out. The bum on the corner of the street knows that. No sympathy. That’s the culture he wanted to be a part of. Ridiculous size houses and Bentley, gold teeth and bling. How ya livid now homie? Lol

  30. I always thought that if I was an elite athlete at a college and there was a smidgeon of a chance that I could be turning pro that I would take every econ class that I could . If you learn how to value and respect the money you wouldn’t have anyone to blame for losing it all.

  31. To quote Michael David Smith: “Clinton Portis made enough money during his NFL career in Denver and Washington that he SHOULD be set for life.” (emphasis added).

    He SHOULD be set for life? Are you kidding me? Do the math. With earnings of $40 million, if a person spent a measly $500K/year, it would take 80 years to spend it all. This is more than $40,000/MONTH, each month, for 80 years.

    So he SHOULD be set for life?

    What’s wrong with morons like Portis?

  32. Use the system. If it’s OK for the lead clown of the republican party to file for bankruptcy, no less than 5 times, it’s OK for Portis.

    Seems he gets more scrutiny than the man who who become leader of the free world.

  33. It’s very sad – NFLPA should negotiate for the players that puts a percentage of their money in a trust where they can withdrawal after retirement. At least the problem would slow down and these guys would have a softer landing.

    Or maybe like Chris Carter says they need to always have a fall guy that they can blame their problems on.

  34. never understood any of these guys take 10% and buy bonds from every contract you sign and you wouldnt be in this situation

  35. I do not feel sorry for any of these grossly over payed athletes , most of whom have no idea about how to handle large amounts of money. They blow it as fast as it comes in and don’t have the common since to save one dime !

  36. Portis makes a box of rocks look smart. Have loathed him ever since he came out in defense of Vick’s dogfighting activities. Just another nfl scumbag.

  37. Cue the high and mighty comments from within a population that has just as many money problems as these athletes. I’ve said it a million times, making more money doesn’t make you any better with money, and we have a lot of people in this country who aren’t good with money, and I feel pretty confident saying many of the people here criticizing Portis and others are just as bad with theirs as he was with his.

  38. M.C. Hammer rolled through $30MM by spending $500,00/month keeping 500 people on his payroll, an entourage of 40 people, private jet, two private helicopters, limo, built a $30MM NEW house (why buy used?), had to settle with Rick James for ripping off a riff he used in ” U Can’t Touch This” and filed for bankruptcy. No one said talented musicians or athletes were smart with money. The phrase “a fool and his money are soon parted” comes to mind.

  39. Give me 5 million. I’ll plunk into a safe investment, make 3% interest, and make 150 grand a year. Best part is I never have to work, and the 5 million never goes away.

  40. Why does the NFL require that NFL players go to college for a certain amount of years if its just pretend college? He probably didn’t attend any classes, and he certainly isn’t smart enough to have a degree.

    #nflintegrity

  41. All he need to do is get a $40 million loan and put it all On the Skins tomorrow against the Bills. Get it all back. LOCK OF THE YEAR. Kid is legit.

  42. Brady is vilianized for supporting Trump but the sad reality is that the liberal media acts like Portis is the victim and people like Brady are in the wrong. Maybe more people should follow Bradys example of letting what he does speak for itself and not what he says.

  43. Not that this would justify his situation, but did he “make more than $40m” net or gross. If that number is a gross number than it is awfully misleading to suggest that he burned through anything close to that number. And owing the IRS 570k doesn’t relate to the difference.

  44. Maybe more people should follow Bradys example of letting what he does speak for itself and not what he says.
    _____________________________________

    Like destroying requested evidence in an informal investigation? Copy that.

  45. Every Scam Artist in the World goes after these guys.
    Unfortunately most of these guys have never had money or know how to manage it.
    Mose are also known for using muscles other than the one between their ears.
    Investing in a Casino?? Boy I can really see the Choir
    Boys surrounding that deal.
    But people don’t realise how much of these guys pay check goes to Managers, Taxes, Union Fees, Charities etc.
    I saw one of Emmit Smiths Actual Pay Stubs one time.
    from a 35K game check he didn’t clear 7k!

  46. It’s pretty hard for me to work up much sympathy for somebody who had it made but totally blew it. Most of us will never have anywhere near that kind of money, and it’s sickening to see how utterly stupid Portis was with all he had. You make $40 million and end up broke, you deserve nothing but ridicule.

  47. arctantheta says:
    Dec 19, 2015 6:59 AM
    with that kind of cash, the easiest play is to put half into rolling treasury bills and live off the interest. say $2 per thousand invested every thirty days, and $10 million invested. that’s $10k a month just in divedends. as someone near that annual income, i can assure everyone that it will do the job, provided one uses protection and prefers audi’s to bentley’s. too bad for him. a friend of mine played 8 years in the NFL, got a second contract, and now 5 years after leaving the game is broke, and looking for a construction job. save your money, and don’t mix friends with business.
    —————————————————

    Your numbers 2x high. He would get nothing close to $2/1000 per month in interest from TBills. More like $.83/1000.

    At 10M that’s $83,000/yr income BEFORE taxes. You can’t keep yourself in purple suits or even change the oil on the Bentley for that chump change let alone buy feathered fedoras.

  48. In NFL terms, he had a long career, so one would assume he’d sort out his high rolling ways…guess not. Owing Mamma 500k is just plain sad. Declaring bankruptcy on her is about as low as one can get. Obviously, we hear about this time and time again. NFL players should have a collective pension system…I would recommend a blue chip company to do it, but wall street’s track record isn’t all that great either…

  49. saintsfan1111 says:
    Dec 19, 2015 7:04 AM

    He could have placed that 10 million in sound investments that return 10% annually. That’s one million a year. These pro athletes are idiots with their money.

    —————————————————————-

    Do you know of any “sound” investments that return 10% annually? I sure don’t. Bank CD’s and Treasury bills are paying FAR less than that these days. To make 10% you have to put your money into more risky investments, and could end up almost as badly off as Portis and other NFL players who have lost it all.

  50. 40 million – (taxes, agent, failed casino, Ponzi scheme, and baby mommas) = hope ESPN is hiring again soon.

    sounds like he could hack most of it until he tried to build an empire and blew 10 million on poor investments.

  51. Portis was Snyder’s pet, and Portis had Snyder on his speed dial. I wonder why Snyder never bothered to reel in Portis and keep him from squandering that paycheck?

  52. Can’t take it with you people! I bet he had some fun blowing through that 40 million! Being rich is not the most important thing in the world, life is short, have fun while your here. Well done Clinton Portis!

  53. I guess it’s time to put that valuable college degree to work. (Snark). Seriously, can’t one of the zillion attorneys in this country figure a way to make him the victim in this and recover some of the losses?

  54. If you are bad with money, nobody can help you. People win the lottery and are broke again in two years all the time. This is why I hate wealth redistribution programs — if you can’t find a way to save some money in the richest country on earth, that’s not society’s fault.

  55. Many of us who grew up poor end up being frugal with money for the rest of our lives. I guess that’s a blessing.

  56. bradyakagod says:
    Dec 19, 2015 9:54 AM
    Brady is vilianized for supporting Trump but the sad reality is that the liberal media acts like Portis is the victim and people like Brady are in the wrong. Maybe more people should follow Bradys example of letting what he does speak for itself and not what he says.

    Gronk would be a better example. Everyone thinks he’s a meathead party animal but he hasnt touched most of his money, he lives off his bonus and endorsement money.

  57. It’s easy to mock and sneer about a pro athlete pissing away their money when most of us pull down five figures a year but in the end it’s just sad. With the exception of that drug company POS that just got arrested I have no desire to wish ill will on many people. At the same time isn’t their anyone in these guys’ lives saying, ‘dude, put a few game checks in this index fund every year.’

  58. Yet, someone who is in dire straits because of illness, after working hard their entire life, gets raked over the coals when the need arises to actually file.

  59. If you can’t make money on a casino, your better days are behind you.
    And you’ve gotta love a sideline reporter who has 500 k lying around to lend to Clinton Portis.

  60. Black Dog says:
    Dec 19, 2015 11:18 AM

    you’ve gotta love a sideline reporter who has 500 k lying around to lend to Clinton Portis.
    ————————————————————
    Dude, it wasn’t a loan, it was child support.

  61. Bunch of kids, by bunch of different women, car’s and home’s. If you can’t figure out how to use a condom, you can’t balance a checkbook, that degree will come in handy……oh yeah he went to the U….so he has no degree….let’s see him and Michael Irvin debate…..that would be soooooooo painful to hear. Portis was always an idiot so this isn’t a surprise. I have no sympathy for any player that pisses away their opportunity.

  62. teamgale88 says:
    Dec 19, 2015 6:41 AM

    It always makes me happy to read stories about athletes that made 10’s of millions go belly up (does that make me an a-hole?)

    ————–

    I don’t know if it makes you an a-hole or not but reveling in the misery of others (who maybe you envy?) is generally not a very good formula for lasting happiness.

    The ruin of arrogant athletes in no way makes your life better in any actual, real sense. Why be happy about that?

  63. The flip side is a guy like Calvin Johnson. I’m pretty sure that he’ll never declare bankruptcy. I base that opinion on a story I read a few years ago. He was so conservative with his money that he had to be shamed by teammates into tipping the pizza delivery boy. I’m sure he watches every penny. I can admire that.

  64. teamgale88 says:
    Dec 19, 2015 6:41 AM
    It always makes me happy to read stories about athletes that made 10’s of millions go belly up (does that make me an a-hole?)
    ======

    It makes you petty and small. Jealousy is an ugly disease and you’ve got it.

    Judge Judy makes as much in one year for spending 3 months taping a 30 minute TV show as Portis made for getting his teeth kicked in for 9 years, yet no one seems to begrudge rich entertainers, only athletes.

    Why is that?

  65. Really sad that these guys don’t call me. I could have comfortably turned that 40 million into 60 million over a 4 to 5 year time frame. Really Sad for Him.

  66. Remember seeing Portis on HGTV a few years ago purchasing a high rise condo on Miami Beach for millions. At the time I thought, what is he doing buying something like this with one foot out of the NFL.

  67. teamgale88 says:
    Dec 19, 2015 6:41 AM
    It always makes me happy to read stories about athletes that made 10’s of millions go belly up (does that make me an a-hole?)
    ======

    It makes you petty and small. Jealousy is an ugly disease and you’ve got it.

    Judge Judy makes as much in one year for spending 3 months taping a 30 minute TV show as Portis made for getting his teeth kicked in for 9 years, yet no one seems to begrudge rich entertainers, only athletes.

    —————————————————————————-

    Judge Judy isn’t “begrudged” because she just didn’t file bankruptcy. Suggestion – if you’re not very smart with finances and investing then dump your money into a CD until you get smart. And give Gronk a call, perhaps he can help edjumacate you.

  68. Who’s, who list of financial idiots-
    Terrell Owens, Plaxico Burress, Roscoe Parrish, Gerard Warren, Kyle Orton, Greg Olsen and Santonio Holmes, Clinton Portis.
    (Casino investors, hahahahahha)

  69. marcuswelby1 says:
    Dec 19, 2015 8:10 AM
    Upon arrival as an NFL player, it should be mandatory that the NFLPA sit each one of them down with a Financial Advisor

    It’s called the rookie symposium. Some just don’t listen to it. If you escape from the ghetto and then buy gold chains and million dollar cars to go drive around the very ghetto that you escaped from, with your posse, banging everything in sight, guess what? You’re broke. And to the “alot of it went to taxes” crowd I say “So”. If 50% went to taxes a sane person could live EXTREMELY well on 20 million dollars. It takes a special kind of stupid to blow $20 in a couple of years.

  70. newpairofsox says:
    Dec 19, 2015 11:23 AM

    Makes us all feel better about our Visa card balance, doesn’t it?
    __________________

    If you’re living on credit you need help. too.

  71. Isn’t that a shame! I’m sorry but l don’t feel any pity for this stupid idiot. Hope he goes to jail where he belongs. Maybe Wal-Mart will hire him to stock shelves. They hire a lot of low life’s who don’t know how to handle money.

  72. “He SHOULD be set for life? Are you kidding me? Do the math. With earnings of $40 million, if a person spent a measly $500K/year, it would take 80 years to spend it all. This is more than $40,000/MONTH, each month, for 80 years.”

    It’s math like this that gets people in trouble. It’s not just 50% or more in taxes, he also has to pay his agent, which would be somewhere between 5-10%, so figure another 5% after-tax expense, assuming he didn’t go with some sleaze ball flash rapper group. So that leaves him with about $18MM, not counting repayment of any “loans” he accrued through college (agent advances, etc.).

    He didn’t get paid the $40MM in one lump sum, so pro formas about his supposed possible “return” on the full $18MM are misleading. But assume he should have been able to keep his spending at $9MM over his 9-year career, despite inevitable family demands that he support them, and thus accumulate at least $9MM by end of his career, with an average 5% return, that means about $450,000 per year pre-tax cash flow, or $225,000 net. Not bad, but not enough to support a grand life style and usually a shock to the uninformed how far below “wealthy” that falls (thanks, Obama, for the grandstanding!). And if the market goes down, that 5% return is harder to achieve and the$9MM portfolio principal shrinks, too.

    The reality is that with few exceptions even good athletes rarely rise to the level of hugely paid entertainers, yet they want the same lifestyle.

    It’s ironic that he has been doing local DC radio ads urging people to get health insurance as the responsible and prudent thing. Also ironic that he was a buddy of Little Danny Snyder, the supposedly savvy businessman who has had his own brushes with financial disaster in the business world. I wouldn’t be surprised if Danny encouraged some of these ridiculous investments.

  73. Portis loves his Dog fighting, its really only like UFC for dogs, no big deal. gambling is a disease not a choice. someone help him.

  74. Lots of schadenfreude in the NFL fan class. That’s the truly sad story during this Christmas season.

  75. An athlete like this makes me sick and I don’t feel sorry for him at all. Portis is one of an elite few with God given great talent that afforded him to make millions for himself and his family to live comfortably for the rest of their lives. Even if he is plain stupid, he could have partied and gone wild for a few years … can’t even save a million or two? He has no respect for the talent he was given or his family. No excuses … I’ll have fries with that Clinton..

  76. 09domer says:
    Dec 19, 2015 6:57 AM
    Most of these guys are so young when they make all their money that they don’t have an appreciation of what it takes to make it last. The nflpa would never agree to this but players should each be provided with a trustworthy financial advisor and make them visit this person x amount of times per year until retirement.
    **************
    Actually the league itself has a mandatory education program for rookies and the NFLPA vets any financial advisor that wants to be listed as a referral source through them.

  77. It always makes me wonder how this happens to some former athletes, Allen Iverson, Curt Schilling, Evander Holyfield, Mike Tyson, Antoine Walker, Lenny Dykstra. The list goes on and on.

  78. It seems like all of these ex football players have sucker written on their foreheads. The all seem to lose their shirts investing in sure losers!

  79. No big deal, Trump filed for Bankruptcy 4 times and he’s a billionaire running for president on the platform that he can manage money well that and he is the best at everything in the whole world and Tom Brady is a friend and supporter lol hold on to your wallets…..

  80. If the NFL is really sincere about the well being of its players they should make it mandatory for a certain percentage to be taken out of their checks and then paid out over time after retirement. I get it that taking a lump sum of money has more value up front bimut doing that would help players being broke.

  81. Also, going to college, education, and other things cited here has nothing to do with how you handle money. We all know people who can’t keep a dollar in their pocket either because it burns a hole in their pocket as soon as they get it, or they blow it on stupid stuff. As a matter of fact as I said earlier, I’m pretty confident saying that’s probably many of you same people criticizing Portis. Having more money only makes you feel like you can buy more stuff and take bigger risks as evidenced by Portis investing in a casino. Also, for the people talking about getting a financial advisor, they’re the main people ripping these players off, and for the others talking about investing it, did you not hear of the financial meltdown of 2008? It kind of just wiped out many Americans retirement funds. So yeah, these things happen. If anything, it’s something that most Americans need to learn across the board, a healthier respect for money that they earn, or I wouldn’t see all of these articles about Americans being in record credit debt.

  82. I’m amazed that so many don’t know current rates of return. Even if you get into the jumbo CD market (100k plus for FI’s looking for liquidity) the best you get on a 1 year is 1.10% and the 3 year is 1.65%… both significantly over consumer return. He could have taken 10mm and dropped it in a diversified guaranteed return plan with and weighted yield of around 1.45% (protective stance in rising rate environment) but that is still only 145k pretax. His other option is funds or market which have no guarantee, but a 5% ror is not out of the question, still only 500k pretax without all the stupid luxury tax I’m sure he paid on uninformed purchases. Plus you have to deal with the swings.

    He made poor decisions, and I’m sure all of us would be fine on 145k, but when you have 40mm and are stupid… well you file bankruptcy in 5 years.

  83. It’s imperative to surround yourself with the right people when you carry such a great responsibility of possessing large amounts of disposable income. I’d imagine all the creeps really come out of the woodwork and persuade them to make poor decisions.

  84. If the NFLPA truly cared for its members, they’d make this part of the next deal. Every player that comes into the league has 5% of their paycheck put into a trust that can’t be touched for 15 years or so. Young guys who grew up dirt poor given millions of dollars when they are 22 are going to make bad decisions.

  85. Not the first and not the last. For all pros, first thing you do when you sign your contract is neuter yourself. You can reverse it when you have completely settled down in one household and are ready for children. Second thing you do is replace all your friend if they expect you to hire them as assistants, gofers, business partners, restaurant partners, etc. They know nothing and will live off of your until you go broke. They will continue to try to live off of you even after you are broke. Third thing you do is read your family the riot act, you are not their free bank. Rent but buy one nice property at the end of your career.

  86. PFT apparently has a lot of flawless individuals in its readership. You know why most of you have never lost $20mm (closer to the amount he actually made accounting for taxes, agents, union dues, etc.)? Because you have never made $20mm. All the best to Portis. Hopefully he can use his prodigious talent to turn things around.

  87. “PFT apparently has a lot of flawless individuals in its readership. You know why most of you have never lost $20mm (closer to the amount he actually made accounting for taxes, agents, union dues, etc.)? Because you have never made $20mm. All the best to Portis. Hopefully he can use his prodigious talent to turn things around.”

    -signed, Sir Rodney Stuffington III

  88. vicvinegar00 says:Dec 19, 2015 8:03 AM

    People say “hire a financial manager”, well those guys rip these players off too. They end up broke even when they are honestly trying to invest it and make it work for them.
    —————————————-
    Tim Duncan admitted he was taken for $20 million by a financial advisor.

    That was eye-popping to me. If it can happen to Duncan it can happen to anyone.

  89. This is always sad to read.

    Let’s hope the NFLs new financial courses that are required help top this type of sad story. He’s a grown man and made his own bad choices, but many players come from poverty and have no clue how to manage finances, sad to see them return to poverty even if it’s due to their own bad choices or ignorance of finance.

  90. People saying get a financial advisor, who do you think probably advised him into the bad investments. Who do you think advised Mark Brunell into the bad fast food investments or Deuce McCalister into the bad car dealership investments? As someone else said here, this is really $18 million to start before any fees to agents and any other ancillary people after taxes. So he tried to invest $10 million of that. Bad investments, but he tried and wasn’t wasting it on the so called rich man’s lifestyle, and he still ended up broke. So it’s like you’re screwed if you do the typical baller lifestyle thing and screwed if you don’t. Not to mention that as someone else also said, some of you show that you’ve never invested a dime even though you claim you know so much about it with suggestions of putting money into CDs and other such places that barely return money. CD rates are horrible these days. The market would have wiped him out with everybody else in 2008, so what’s your solution to that? Just asking since everybody has the answer and is criticizing the guy even though he tried to do the right thing.

  91. When I read a story like this, it’s sad and that’s it. We all choose our own way and Clinton made some mistakes and it’s very unfortunate for him. However, the many comments of people laughing, sniping at a guy is sad as well as it seems that there are a good deal of people here who enjoy these stories for nothing more than something to make themselves feel better. There is a lot of “rooting for failure” on this site and you see it a lot in the comments. What happened for Clinton and any other athlete who has squandered his fortune isn’t something to laugh at. And just because he wore a few outfits and perhaps ran for a few yards to beat your team on a Sunday years back, whether you believe it or not, this isn’t your revenge on him. It’s never a good thing when an athlete ends up this way. Unfortunately there are too many stories like this.

  92. carloswlassiter says:
    Dec 19, 2015 11:14 AM

    If he had married a rich supermodel he wouldn’t have these problems.
    ________________________________

    If he had simply married anyone and honored that commitment he would probably be in better shape.

  93. Athletes like Portis look at the millions in their contracts and don’t think about how quickly that money can go away – especially when they buy all kinds of ridiculous clothes and put money into their friends’ business ventures. The NFL Rookie Symposium tries to educate these guys some about personal finances, but it’s on these guys to listen.

  94. cowboysfan1979 says:
    Dec 19, 2015 3:19 PM
    If the NFLPA truly cared for its members, they’d make this part of the next deal. Every player that comes into the league has 5% of their paycheck put into a trust that can’t be touched for 15 years or so.
    ***********************************
    Violates a number of labor laws AND the salary cap, but thats ok….

  95. Pretty frustrating to read about these things, whether it’s an athlete or a lotto winner, knowing in your mind that even just $1,000,000 is $50,000 a year for 20 years, i.e. double what I make in a year and and in almost as many years as I have to work to retire.

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